List of Banks in Australia
Big 4 Banks in Australia
The Australian banking sector is dominated by four major banks. So much so that they actually control over 85% of the home loan market and manage over 75% of the saving deposits in the country. In order to make sure that competition amoungst banks in Australia does not weaken the Australian government has developed a policy that prevents a merger between any of the four major banks.
- Commonwealth Bank
- National Australia Bank
- Westpac Banking Corporation
- ANZ Bank
Other Banks in Australia
There are a number of smaller banks that have sprung up since the deregulation of the Australian banking industry in 1983. A lot of these smaller banks have recently been purchased by the larger players in the market, which casts doubt over the independance of their business descisions. Even though they say that they make their own desicions about interest rates and the like it has become clear that the amount of competition in the banking sector has deminished lately. The following list of banks indicates which ones are still acting independently of the big 4 banks.
- Bendigo Bank (Independent)
- Adelaide Bank (which is now owned by Bendigo Bank)
- St George (which is now owned by Westpac Bank)
- Bank West (which is now owned by Commonwealth Bank)
- UBank (which is a subsiduary of National Australia Bank)
- Bank of Queensland (Independent)
- Suncorp Bank (Independent)
- Members Equity Bank (Independent)
- Rural Bank (Independent)
- Macquarie Bank (Independent)
Online Banks in Australia
Over the last few years a nmber of Internet Only or Virtual Banks have begun operating throughout Australia. These institutions operate without any physical bank branches and everything is done via your computer. This is except for withdrawing money, which is done by transferring funds to one of the previously listed banks and then withdrawing money via an ATM. These online banks typically offer better interest rates and online banking features because they don't have the expense of having to maintain branches and employ bank staff. Some of these internet only banks include :
- ING Direct
- Virgin Money
Oveseas Banks Operating in Australia
There are lots of foreign banks doing business in Australia, but only a few of them have a proper retail banking presence, combined with a limited number of branches. The following is a list of the major overseas banks that have offices in Australia.
- Arab Bank
- Bank of China
- Bank of Cyprus
- Credit Suisse
- Deutsche Bank
There is also numerous not for profit credit unions and building societies that operate right across Australia. Each of them adds their own personal touch to banking in Australia and comes with advantages that the bigger banks cannot provide, such as longer opening hours, more favourable rates and personalized customer service. The majority of these credit unions offer a wide selection of different loan types as well as giving you the opportunity to have you bank savings account with them too.